Braskem acquires Sunoco’s polypropylene business for $350m

LONDON (ICIS news)--Braskem has acquired Sunoco’s polypropylene (PP) business for $350m (€252m), the Brazilian petrochemicals and plastics resins major said on Monday.

US-based Sunoco would receive $350m in return for the PP business of Sunoco Chemicals, on the basis that the deal closes within 60 days, Braskem said.

“The acquisition of Sunoco Chemicals provides Braskem with a solid and competitive platform for growth in the world’s biggest market, which will complement its ongoing internationalisation strategy through important ?xml:namespace>greenfield projects under development in Mexico, Venezuela and Peru,” said Braskem’s CEO, Bernardo Gradin.

Included in the sale were Sunoco's polypropylene manufacturing facilities located at Marcus Hook in Pennsylvania; at La Porte inTexas; and at Neal inWest Virginia, which produce approximately 950,000 tonnes/year of PP, and a technology and development centre at Pittsburgh.